Ethereum and its layer-two stack just moved $16.75 trillion in stablecoin transfers over the last 90 days, or 77% of global volume. Those rails continue to dominate stablecoin transfers, DeFi activity, and larger on-chain payments, with a growing share now processed by add-on networks like Base. But there’s a sharp tension: network usage is strong, while Ethereum itself is under liquidation pressure. So the puzzle right now is how Ethereum can lead on real-world usage, but see its asset trade near monthly lows.
Ethereum trades near $2,441 after a pullback from $2,500. This chart tracks the asset’s slide, each hourly candle carving lower from the $2,500 window toward visible support at $2,414.
That gap between real-world settlement and asset price is the key signal. Stablecoin transfers, DeFi activity, and larger on-chain payments keep concentrating across Ethereum and its layer-two networks, yet Ethereum price action is still being hit by long liquidations after fresh downside. The headline is usage leadership, not automatic bullishness for Ethereum. The question for the next 90 days is whether that network dominance finally puts a floor under sentiment, or if the divergence persists.